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$5,000 Live trading account challenge - CL & ES
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$5,000 Live trading account challenge - CL & ES

  #11 (permalink)
Mexico City, Mexico
 
Trading Experience: Advanced
Platform: IB & NinjaTrader
Broker/Data: Interactive Brokers
Favorite Futures: ES, CL
 
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Posts: 733 since Jul 2013
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Trading system - Pattern 2

Not really sure if I can call this a pattern, rather it's the use of an indicator: opening range. If anybody is new to this, then I guess the below explanation should make it really easy to get a grasp of it. I must credit it to @Inletcap who first made me aware of it, thanks man! It is just the high and low price during the first couple of minutes after Nymex opened, here I use it with a 5min time frame. I don't really use it on ES as I haven't seen much use of it. Maybe I just have the wrong time setting but as I don't really trade ES in the morning after the open, I haven't really tested it yet.

If anybody wants the indicator then just send me a PM and I'm happy to share it. I think, I also posted it in the TSJ thread a while back.

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I normally also look for other levels which line up with OR-Levels like ONH/L, pivots, yday-H/L and other previous S/R levels. If we have like 3-5 of these levels within 5-10T, then this level should even act as a stronger S/R.

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  #12 (permalink)
Mexico City, Mexico
 
Trading Experience: Advanced
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Favorite Futures: ES, CL
 
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Posts: 733 since Jul 2013
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Sorry for anybody reading the thread, the plan was to get more set-ups/patterns posted here but all taking a bit longer, so more to follow over the next days. Good night!

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  #13 (permalink)
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Trading Experience: Advanced
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Daily prep - July 5 2017


Good morning all,

just did my daily morning prep routine and thought I'll share as well. I thought of a better presentation and just attach a pdf, which I find easier to read. good luck on the session all!

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,000 Live trading account challenge - CL & ES-07-05-2017.pdf  
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  #14 (permalink)
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07-05-2017 - Trade 1

Just had a short trade after we established the opening range, went short near OR-Mid but then no patience in holding my trade and just booked 9T overall.

Entry: 46.56
Stop: 46.66 (OR-H)
Target: 46.44 (OR-L and Reg-open)

Exit: 46.47 -->+9T

Trade management:

I was in the trade for quite a while and it was so slow that I didn't really think it would go my way and it came close of being stopped out, I was -8T 10min after I entered but it then went back to my entry. I also moved my stop to 46.64 as I thought if we come back up then we definitely hit the OR-H so I reduced my stop by 2T. Then finally after ES opened it came lower, when I was +5T my ATM moved my stop to +1.

However, I exited too early, I assumed that it was so slow that we might just stay within the OR-range I booked profit at S2 for +9T.

Now it looks like we can easily hit even 46...so very annoyed at my early exit but oh well, that's trading

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  #15 (permalink)
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07-05-2017 - Trade 2 - 14

Well, I ended up overtrading like crazy, which is really bad. I should sit more on my hands but that's hard for me .

It's better quality trades than quantity for sure. Normally, I never have more than 10 trades a day (today 14!!) but I also normally scale in several lots. But for this challenge, I'm only trading 1-2 lots as otherwise, I could hit my daily loss limit within seconds if I'm wrong and have a 3 lot trade on.

Here are all my trades on a 1min chart (pretty messy):

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Here is each trade in a better format from my excel journal:

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  #16 (permalink)
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07-05-2017 - Daily recap

It is really hard to just trade 1 lot with a tight 8-10T stop on CL. But as mentioned earlier there is no other way to stay within my daily risk limits.

An 8T stop gives me 3 consecutive losers before I would need to stop.

On a bigger account I enter with at least 2-4 lots at a time and it is easier to book like 4,5,6 or 7 ticks where with just 1 lot you either book it or you might end up in a loser even if you had $40. Hence, I will adjust my ATM strategy tonight and move it to BE after I'm onside +4T. Today it happened twice where I "had" 4T and then booked a -8T loss. This is a bit hard on emotions and you can quickly get in the mood of revenge trading as you think that you already "owned" that money which is obviously not the case and you need to calm down afterwards. On the other hand, I had +7T and +9T in 2 separate trades and then just booked a BE trade. Of course, in your mind you do the math and add it up and I could've had a profitable day overall but in the end it didn't happen so I have to accept it.

Here I'm thinking maybe putting on a trailing stop which moves after I'm over +5T, e.g. 7,8,9,... to at least +5T, so I would preserve the 50 bucks. In the end it's always a trade off either booking a profit and then it might just end up running much more in your initial trade direction and you kind of lose out like I did on my first day trade today . Later it was down another 120T and I could be done with the challenge lol.

But overall, I'm happy with the day as I did stick to my risk rules and didn't increase my stop level when I was thinking that we should have a reversal when I was long a couple times and got stopped out.

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  #17 (permalink)
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07-05-2017 - Daily statements

Here are my live trade statements so y'all see it's real money here, also my commissions put me to a daily loss today. But that's normal when you are overtrading and have to accept it.

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  #18 (permalink)
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07-05-2017 - Overall P&L update

So I'm finally done posting all my stuff for the day. Today was the first full day of trading and this is now my structure how I will be posting every day from now on. Hope it makes sense and y'all like it. Any comments are always appreciated, Cheers!

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  #19 (permalink)
 
 
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mastadee View Post
It is really hard to just trade 1 lot with a tight 8-10T stop on CL. But as mentioned earlier there is no other way to stay within my daily risk limits.

My own experience building from a small account told me that I needed to wait for the rare clean strikes on a 1 hour+ channel edge etc. (to the tick very often just 2 tick S/L) and back in for a solid win.

I recently helped a friend recover a nearly dead account, it was really hard to scalp but one clean big 3am move saved it.

A strategically placed resting limit order being triggered was (is) my wake up call very often. By the time your conscious it will either be stopped or in $$ (or arcing back for another touch on the line.. PITA)

I remember you posted your modified OR indicator on Scalpers but there were a bunch of dependencies missing I could not find in downloads I now recall. I'd be interested in following along if I can, can you send me the zip?

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  #20 (permalink)
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Trading Experience: Advanced
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Rory View Post
My own experience building from a small account told me that I needed to wait for the rare clean strikes on a 1 hour+ channel edge etc. (to the tick very often just 2 tick S/L) and back in for a solid win.

I recently helped a friend recover a nearly dead account, it was really hard to scalp but one clean big 3am move saved it.

A strategically placed resting limit order being triggered was (is) my wake up call very often. By the time your conscious it will either be stopped or in $$ (or arcing back for another touch on the line.. PITA)

I remember you posted your modified OR indicator on Scalpers but there were a bunch of dependencies missing I could not find in downloads I now recall. I'd be interested in following along if I can, can you send me the zip?

Hi Rory,

yea I know what you mean that it is not easy to scalp with a tiny account size but I'll try and see how it goes

and sure I'll attach the OR indi here. I pretty much just used fatail's anaIBrangeBandsV42MTF and modified it for opening range. Let me know if it works when you import it to NT7

Attached Files
Register to download File Type: zip OR.zip (13.2 KB, 38 views)
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